Abbott and Alere Inc. have announced a definitive agreement for Abbott to acquire Alere, significantly advancing Abbott's global diagnostics presence and leadership.

Once the transaction is completed, Abbott will become the leading diagnostics provider of point of care testing. Abbott's total diagnostics sales will exceed $7 billion after the close.

Abbott will be able to provide new, flexible, cost-effective, high-quality products to help health systems meet growing demand in both in-patient and out-patient settings. Alere's complementary portfolio of products will provide Abbott access to new channels and geographies, including entry into fast-growing outlets, such as doctor's offices, clinics, pharmacies and at-home testing.

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